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Economy Quotes by Michael Hudson

46 Economy quotes by Michael Hudson

All Economy quotes Michael Hudson’s page

Hudson argues that fracking harms the economy and that soaring housing costs squeeze everyday life. He describes a split economy where the richest 1 % thrive while the bottom 99 % struggle, and points to a debt cycle begun after 1945 that needs clearing. He also warns against speculation in essential raw materials.

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Either you can save the economy, or you can save the One Percent from losing a single penny.

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Inflation usually helps the economy at large, but not the 1% if wages rise. So the 1% says that it is terrible.

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I don't think that governments should permit speculation in raw materials, because they're what the economy basically needs.

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I think the less fracking there is, the better it is for the economy and society.

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Actually, high housing prices don't help the economy. They raise the cost of living.

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Nothing could be better for the economy than to get rid of fracking.

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The economy is being run primarily by the banks for their own interest.

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If the economy is growing, people want to employ more workers. If you hire more labor, wages go up.

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More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That's what causes…

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Debtors will seek to cancel their debts. Creditors will try to collect, and the more they succeed, the more they will impoverish…

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You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has…

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Canada is a malstructured. You could almost call it a failed economy, except that its natural resources are so rich that everybody…

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The IMF acts as the collection agent for global bondholders. Its projections begin by assuming that all debts can be paid, if…

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Mathematically, debts grow exponentially at compound interest. Banks recycle the interest into new loans, so debts grow exponentially, faster than the economy…

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Needless to say, banks and bondholders do not want to promote any arguments explaining the limits to how much can be paid…

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Throughout history, the only way of restoring stability is to write down the debts. That is treated now as if it's something…

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What do the 5%, or the 1% actually use their money for? They lend it back to the economy at large, they…

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Mr. Trump wants to turn the U.S. economy into the kind of real estate development that has made him so rich in…

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In China the largest denomination bill they have is 100 yen, and that's maybe $7. So here you have a whole economy…

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To save the banks from making losses that would wipe out their net worth, you'll have to get rid of Social Security.…

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Since 2008 you've had the largest bond market rally in history, as the Federal Reserve flooded the economy with quantitative easing to…

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We're at the end of long cycle that began in 1945, loading the economy with debt. We're not going to be able…

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The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's…

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From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the…

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People think of a parasite as simply taking money, taking blood out of a host or taking money out of the economy.…

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So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after…

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I think we're in the take-the-money-and-run stage of the economy. So the banks may go under, but the bankers, who make the…

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We're living in a world that's divided into two economies: the economy of the 1%, and the economy of the bottom 99%.…

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Governments create money and spend it into the economy by running budget deficits. The paper currency in your pocket is technically a…

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Every government, from the Obama administration right through to Angela Merkel, the Eurozone and the IMF, promise to save the banks, not…

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So the political choice today is much like the 1930s, when the global economy also broke down. The choice is between nationalism…

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Basically, unless you're willing to write down debts and save the economy, you're going to have deflation and a steady drain in…

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The United States Government has fought against creation of an international court to adjudicate the ability of national economies to pay debts.

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The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to…

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Today's national income statistics make it appear that Goldman Sachs is productive. As if Donald Trump plays a productive role. The aim…

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The real estate interests and banks are in a kind of symbiosis. They're the largest-growing part of the economy. This is the…

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When I say the economy is shrinking, it's the economy of the 99%, the people who have to work for a living…

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We've turned the post-war economy that made America prosperous and rich inside out. Somehow most people believed they could get rich by…

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So we are in for years of debt deflation. That means that people have to pay so much debt service for mortgages,…

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Debts grow and grow. And the more they grow, the more they shrink the economy. When you shrink the economy, you shrink…

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Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the…

This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in…

Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.

Nothing could be better for the economy than to get rid of fracking.

If you end internet neutrality and permit mergers of the big information technology corporations, that's a form of rent seeking. It's part of today's…

Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening…

What's bad for the frackers usually is good for the rest of the world.

You could say that the vote to withdraw from Europe is, it's really a vote of the British middle class, the working class, to…

Actually, high housing prices don't help the economy. They raise the cost of living.

When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are…

The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their…

On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top…

Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit.…

Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking…

No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't…